Since they are not earning the dividend they are paying, and that much on the 2010 dividend was actually a return of capital,there is a lot of risk in the stock. If they could not issue secondaries, they couldn't pay the dividend. But if you get in and out to collect the dividend, it can be profitable.
BTW; interest rates go down in a weak ecomomy. Actually they go down when the long bond goes up; like it does usually when the stock market goes down. World disaster usually causes flight to safety; stocks down, bonds up, rates down; bond values up.NAV up.